01/09/06 Winter wheat acreage report coming

Marketline January 9, 2006 Grain traders will get a USDA estimate of winter wheat plantings and a quarterly grain stocks report this Thursday. On Friday wheat futures were solidly lower. Brian Hoops of Midwest Market Solutions in South Dakota, says funds of all kinds were sellers. Hoops: "Fund selling late in the day, especially index funds, stepped in to the market and sold near the close. Daily player sheets show funds sold 56-hundred wheat, pretty steady progression lower throughout the day. Probably follow through on Monday." In the news stream, the Iraqi grain board denied reports last week that it purchased more U.S. wheat and India took action to boost its internal wheat stocks which would ease any import needs. There has been speculation in the U.S. market about India importing wheat despite Indian government denials. On Friday March Chicago wheat was down nine cents at 3-30 ¾. March corn down 1 ¼ at 2-14 ½. Portland cash white wheat steady to three cents lower at mostly 3-48. New crop August 3-54 to 3-59. Club wheat 3-94. PNW HRW 11.5 percent protein lower at 4-54. Dark northern spring 14% protein lower at 5-09. Export barley 101 dollars a ton. Live cattle futures were mixed Friday with feeder contracts showing gains and some new highs. The cash market didn't provide much direction but managed to hold about steady despite falling boxed beef cutout values. Feb live cattle down 22 cents at 96-05. March feeders up two at 113-97. Feb Class III milk down eight cents at 13-05. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.